The use of mobile banking and loan apps in Nigeria has grown so fast that almost everyone now prefers doing everything straight from their phone. Gone are the days when you’d have to visit the bank for simple things like checking your balance or requesting a small loan.
The truth is, technology has made things easier, and the rise of microfinance banks like Renmoney, Accion, FairMoney has changed the whole story completely.
FairMoney Microfinance Bank is one of those few trusted digital banks that started fully online and has continued to prove itself in loan support, fast credit, bill payment, and mobile banking. If you’re someone looking for an easy way to get started with FairMoney or to know how to create an account with them, this post will guide you through all the steps you need, in simple words.
Learn More About FairMoney Microfinance Bank
FairMoney Microfinance Bank is a CBN-licensed digital bank that provides fast loans, savings, and payments directly through their app. FairMoney started in Nigeria as a loan-only platform before getting their microfinance banking license in 2021.
Since then, they’ve been offering a full range of mobile banking services—all within one single app.
Here’s a quick look at what FairMoney offers:
- Instant Loans—Personal and business loans in minutes, with flexible repayment periods.
- Bill Payments – Pay electricity, internet, cable TV, and more.
- Airtime & Data Top-Up – Recharge instantly from your wallet.
- Money Transfer – Send and receive money across Nigerian banks with ease.
- Savings Account – Save with interest and track your funds anytime.
- FairSave (Fixed Savings) – Lock your funds to earn higher interest over time.
- Debit Card – Get a physical FairMoney card for ATM and POS transactions.
- 24/7 In-App Support—Quick customer care access.
FairMoney’s app is rated over 4.5 stars on Google Play and has millions of downloads, proving users are actually satisfied with the service speed and simplicity.
How to Create a FairMoney Account (Step-by-Step Guide)
Creating a FairMoney account is easy and can be done fully online using your smartphone.
Step 1:
Go to the Google Play Store or Apple App Store and search for “FairMoney.”
Step 2:
Download and install the FairMoney app.
Step 3:
Open the app and tap “Sign up” or “Login”
Step 4:
Enter your phone number—make sure it’s your main SIM, because you’ll receive a verification code.
Step 5:
Enter the OTP sent to your phone to verify your number.
Step 6:
Fill in your personal details (name, date of birth, and BVN for KYC).
Step 7:
Create a secure PIN for your FairMoney account.
Step 8:
Once registration is done, your FairMoney wallet will be ready to use instantly. You can start by sending money, buying airtime, or requesting your first loan.
How to Apply for a Loan on FairMoney
After creating your account:
- Log in to your FairMoney app.
- Tap “Loans” on the home screen.
- Enter your preferred loan amount.
- Check the interest rate and repayment duration shown.
- Tap “Apply.”
- Wait for approval—if eligible, funds are credited directly into your wallet or linked account.
Note: FairMoney uses your phone data, financial history, and BVN to determine your credit score.
Common Problems & Fixes
- App Not Opening / Error Message → Check your network or update the app.
- Loan Rejected → Try increasing your app usage, repayment record, or linking your BVN correctly.
- OTP Not Received → Ensure your SIM has signal or try “Resend OTP.”
- Transfer Delays → Usually a network issue; money reverses automatically within a few minutes.
FAQs (Frequently Asked Questions)
1. Is FairMoney a real bank?
Yes. FairMoney is a licensed microfinance bank regulated by the Central Bank of Nigeria (CBN).
2. Can I open an account without BVN?
No, BVN is required to verify your identity and allow full banking access.
3. What’s the minimum loan I can get?
FairMoney offers loans starting from ₦1,500 up to over ₦1,000,000 depending on your credit profile.
4. How fast do they send the loan?
Once approved, the loan is sent to your FairMoney wallet in less than 5 minutes.
5. Does FairMoney have a USSD code?
Currently, most FairMoney operations are app-based. The USSD feature is still limited.
Conclusion
FairMoney Microfinance Bank has made life easier for many Nigerians who need fast access to loans and reliable digital banking without visiting physical branches. Their app combines simplicity with speed, and if you’re looking to create an account today, the steps above are all you need.
FairMoney keeps growing year by year, improving their app, expanding services, and helping small businesses get the financial push they need.
